Salmone Company Reported the Following Purchases and Sales of Its

question 95

Multiple Choice

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO.
$$\begin{array} { | r | l | l | l | } \hline \text { Date } & \text { Activities } & \text { Units Ac quired at Cost } & \text { Units Sold at Retail } \\\hline \text { May 1 } & \begin{array} { l } \text { Beginning } \\\text { Inventory }\end{array} & 150 \text { units } @ \$ 10.00 & \\\hline 5 & \text { Purchase } & 220 \text { units } @ \$ 12.00 & \\\hline 10 & \text { Sales } & & 140 \text { units } @ \$ 20.00 \\\hline 15 & \text { Purchase } & 100 \text { units } @ \$ 13.00 & \\\hline 24 & \text { Sales } & & 90 \text { units } @ \$ 21.00 \\\hline\end{array}$$

• A)$2,980
• B)$2,590
• C)$2,460
• D)$5,440
• E)$2,860

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